UK ministers reject Sanjeev Gupta’s bailout plea: FT By Reuters

<iframe src=”//rcm-na.amazon-adsystem.com/e/cm?o=1&p=22&l=ur1&category=homegarden&banner=02NMTC702K4D0VHE1SR2&f=ifr&linkID=17e0b4ac3a719000706e772761d8ae0e&t=forexz-20&tracking_id=forexz-20″ width=”250″ height=”250″ scrolling=”no” border=”0″ marginwidth=”0″ style=”border:none;” frameborder=”0″></iframe>

© Reuters. FILE PHOTO: Liberty Steel’s Sanjeev Gupta smiles outside their newly acquired Liberty Steel processing mill in Dalzell, Scotland

(Reuters) – British ministers have rejected a request from mining magnate Sanjeev Gupta for a 170 million pound emergency loan to prevent his group, GFG Alliance, from collapsing, the Financial Times reported on Sunday.

GFG, a holding company for Gupta’s assets, was the biggest recipient of financing from Greensill, a British financing company, which filed for insolvency last week.

The British government wrote back to Gupta formally rejecting the request last week due to multiple concerns, the FT reported, citing people familiar with the situation.

GFG and the government did not immediately respond to a Reuters request for comment on the report.

The conglomerate had been in talks with administrators of its former financial backer Greensill on a so-called standstill agreement.

Last week, Reuters reported that GFG secured a loan from Trafigura in 2018 by agreeing a six-year deal to sell aluminium to the commodity trader at a discount to market prices.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*